18 December 2008 23:40 [Source: ICIS news]
HOUSTON (ICIS news)--Most US ethylene contracts for December were settled at a 9.5-cent/lb ($209/tonne, €146/tonne) reduction from November, market sources said on Thursday.
The drop puts ethylene in December at 28.50 cents/lb, according to global chemical market intelligence service ICIS pricing.
Market participants said a full-market settlement at that figure could be reached by the end of the week.
The decrease is the fifth consecutive monthly drop for ethylene since prices peaked at 74.50 cents/lb in July.
The contract fell by a combined 36.50 cents/lb in August-November due to weak demand and lower feedstocks costs.
Chevron Phillips, Equistar, ExxonMobil, INEOS and Shell Chemicals are among the major producers of ethylene in the
($1 = €0.70)
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